Stockbroker making waves in foreign exchange markets with launch of CurrencyWave
A former stockbroker is making waves in foreign exchange markets with the launch of a new venture to help UK firms operating overseas make significant financial savings.
Whereas banks hide their fees within the foreign exchange process, CurrencyWave – which trades in more than 35 currencies, covering 212 countries – is totally transparent in its charges.
The currency platform has been specifically designed for small and medium-sized companies doing business globally, but unable to access favourable exchange rates through banks.
And founder Jamie Holmes says his Leeds-based firm can save between two and three per cent per foreign exchange transaction, compared to conventional banks.
Jamie, who in a career spanning more than 30 years, has worked for some of the country’s leading stock brokers and banks, said: “Whilst more than 85 per cent of overseas currency transactions are done through banks, small and medium sized companies pay more in exchange rates than their larger counterparts.
“And, because these charges are hidden within the exchange rate they are given, they won’t know much they are being charged for each transaction.
“Although the financial services industry is tightly regulated and controlled, the ‘FX’ sector is the last remaining area that is not transparent. CurrencyWave’s fees on the other hand, are totally transparent.
“CurrencyWave’s target market is SME’s with a turnover of up to £50m. They trade internationally and include importers and exporters and those in other sectors, including manufacturing, engineering, property and hospitality.”
Jamie added: “Because our overheads are low we are able to charge a lot less than banks. Customers pay a small fee, which is incorporated into our real-time exchange rate, as displayed on our platform.
“This is shown alongside the live interbank market exchange rate, for instant comparison. Too few businesses sending money internationally know there is an alternative to the expensive, slow and cumbersome services offered by the banks.
“More than ever before, it is important that they choose the right solution for their international payments and one that can best serve their customers, supply chain and their operational needs in the most cost-effective manner.”